Now two days are left on the last date for filing income tax returns. More than 5 crore taxpayers have filed returns in the country. Still, many taxpayers in the country have not filed returns. If any of your son or daughter earns through YouTube, social media or investing in any scheme, then their parents are required to file returns this year. If he does not do this, he may get an income tax notice.
Under Section 64 (1A) of the Income Tax Act, it is necessary to give information about the earnings of children below the age of 18 years in return. If the child gets an expensive gift or Rs. Apart from this, if the child earns through social media, then the parents of the child must fill ITR. If they do not do this, then after some time the Income Tax Department issues a notice in the name of the child.
There is a separate rule for disabled children in the Income Tax Act. If both parents file returns in a family, then the one who earns more has to club the income or assets of the child in his ITR return. Under Section 80U of the Income Tax Act, if there is a disabled child, then his ITR will be filed separately. This means that the child’s earning information will not be clubbed with the parents.
If any income or property of children below 18 years of age is taxable, then it is mandatory to file a return. This also includes orphaned children. The Income Tax Department is now also providing PAN card facilities to minor children. In such a situation, now orphan children will not face any problems in filing ITR. The help of a chartered accountant or an income tax firm can also be taken in the process of return filing.